02 May 2022 · 2 min read

Bitcoin and Ethereum Struggle, XRP and LUNA Inch Higher

 

  • Bitcoin price is still struggling below USD 39,200.
  • Ethereum is facing hurdles near USD 2,850, XRP might struggle to stay above USD 0.60.
  • LUNA is the best performer among the top 10 cryptoassets.

Bitcoin price started an upside correction above the USD 38,500 level. However, it is struggling to clear the USD 39,200 resistance zone. BTC is currently (11:47 UTC) consolidating above USD 38,600 and might attempt a move above USD 39,200. The price is up almost 2% in a day and down 2% in a week.

Similarly, most major altcoins are facing important hurdles. ETH is now facing a key resistance near USD 2,850. XRP is consolidating losses above the USD 0.60 level. ADA is showing bearish signs below USD 0.80.

Total market capitalization

Source: tradingview.com

Bitcoin price

After diving below USD 38,000, bitcoin price started an upside correction. BTC corrected above the USD 38,500 level. However, BTC is facing a strong resistance near the USD 39,000 and USD 39,200 levels. The next major resistance might be USD 39,500, above which the price might rise towards USD 40,000.

On the downside, an initial support is near the 38,350 level. The next major support is near USD 38,200, below which the price might resume its decline.

Ethereum price

Ethereum price attempted a recovery wave above the USD 2,820 level. ETH climbed above USD 2,850, but there was no upside continuation. The price is now moving lower and trading near USD 2,800. ETH is up almost 2% in a day and down 4% in a week. An immediate support is near the USD 2,780 level. The next major support is near the USD 2,750 level, below which the price might start a sharp decline.

On the upside, an initial hurdle is near the USD 2,850 level. The next major resistance is near the USD 2,920 level, where the bears might take a stand.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) extended decline below the USD 0.78 level and tested USD 0.765. It is now consolidating losses below the USD 0.80 resistance zone. The next key resistance is near the USD 0.820 level, above which the price could gain bullish momentum.

BNB is struggling to recover above USD 390. If there is a fresh decline, the price might test the USD 385 level. The next major support is near USD 380, below which the price could decline sharply.

Solana (SOL) is showing bearish signs below the USD 90 pivot level. On the downside, the next major support is near the USD 85 level, below which there is a risk of a move towards the USD 80 level.

DOGE is consolidating above the USD 0.130 level. An immediate resistance is near the USD 0.132 level. The first major resistance is now forming near the USD 0.135 level.

XRP price started a recovery wave and was able to settle above the USD 0.60 level. The price is now up more than 3% in a day, trimming its weekly losses to 12%. However, the bulls are struggling to push the price above the USD 0.628 and USD 0.630 levels.

Other altcoins market today

A few altcoins are in the green zone, including LUNA, NEAR, TRX, LTC, BCH, ETC, CAKE, FTM, and HNT. LUNA is the best performer among the top 20 cryptoassets by market capitalization today as it jumped 4% in a day, neared USD 83, and trimmed its weekly gains to 8%. 

To sum up, bitcoin price is facing resistance near USD 39,200 and if BTC slides below USD 38,000, it could resume its decline and dive to USD 36,500.

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